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3. Inventory
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9 Months Ended |
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Sep. 30, 2014
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| Notes to Financial Statements | |
| Note 3. Inventory |
As of September 30, 2014, the Company had begun the production of equipment to be sold to three new customers. $3,470,656 of costs were incurred for component purchases and progress billings from subcontractors on these projects. These costs will be recorded as cost of sales during the fourth quarter of 2014 and the year ended 2015 when the equipment is delivered and commissioned for use by the customer. The Company also held product supply inventory valued at $105,000 as of September 30, 2014. |
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- Details
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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